Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Dollar General Corp. (NYSE:DG)

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Economic Value Added (EVA)

Advanced level

EVA is registered trademark of Stern Stewart.

Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.

Economic Profit

Dollar General Corp., economic profit calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended: Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
Net operating profit after taxes (NOPAT)1
Cost of capital2
Invested capital3
 
Economic profit4

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22).

1 NOPAT. See details »

2 Cost of capital. See details »

3 Invested capital. See details »

4 2021 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= – × =

Item Description The company
Economic profit Economic profit is a measure of corporate performance computed by taking the spread between the return on invested capital and the cost of capital, and multiplying by the invested capital. Dollar General Corp.’s economic profit increased from 2019 to 2020 and from 2020 to 2021.

Net Operating Profit after Taxes (NOPAT)

Dollar General Corp., NOPAT calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended: Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
Net income
Deferred income tax expense (benefit)1
Increase (decrease) in LIFO reserve2
Increase (decrease) in equity equivalents3
Interest expense
Interest expense, operating lease liability4
Adjusted interest expense
Tax benefit of interest expense5
Adjusted interest expense, after taxes6
Net operating profit after taxes (NOPAT)

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22).

1 Elimination of deferred tax expense. See details »

2 Addition of increase (decrease) in LIFO reserve. See details »

3 Addition of increase (decrease) in equity equivalents to net income.

4 2021 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= × =

5 2021 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= × 21.00% =

6 Addition of after taxes interest expense to net income.

Item Description The company
NOPAT Net operating profit after taxes is income from operations, but after removement of taxes calculated on cash basis that are relevant to operating income. Dollar General Corp.’s NOPAT increased from 2019 to 2020 and from 2020 to 2021.

Cash Operating Taxes

Dollar General Corp., cash operating taxes calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended: Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
Provision for income taxes
Less: Deferred income tax expense (benefit)
Add: Tax savings from interest expense
Cash operating taxes

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22).

Item Description The company
Cash operating taxes Cash operating taxes are estimated by adjusting income tax expense for changes in deferred taxes and tax benefit from the interest deduction. Dollar General Corp.’s cash operating taxes increased from 2019 to 2020 and from 2020 to 2021.

Invested Capital

Dollar General Corp., invested capital calculation (financing approach)

US$ in thousands

Microsoft Excel LibreOffice Calc
Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
Current portion of long-term obligations
Long-term obligations, excluding current portion
Operating lease liability1
Total reported debt & leases
Shareholders’ equity
Net deferred tax (assets) liabilities2
Excess of current cost over LIFO cost3
Equity equivalents4
Accumulated other comprehensive (income) loss, net of tax5
Adjusted shareholders’ equity
Construction in progress6
Invested capital

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22).

1 Addition of capitalized operating leases.

2 Elimination of deferred taxes from assets and liabilities. See details »

3 Addition of LIFO reserve. See details »

4 Addition of equity equivalents to shareholders’ equity.

5 Removal of accumulated other comprehensive income.

6 Subtraction of construction in progress.

Item Description The company
Invested capital Capital is an approximation of the economic book value of all cash invested in going-concern business activities. Dollar General Corp.’s invested capital increased from 2019 to 2020 and from 2020 to 2021.

Cost of Capital

Dollar General Corp., cost of capital calculations

Capital (fair value)1 Weights Cost of capital
Equity2 ÷ = × =
Long-term obligations, including current portion3 ÷ = × × (1 – 21.00%) =
Operating lease liability4 ÷ = × × (1 – 21.00%) =
Total:

Based on: 10-K (filing date: 2021-03-19).

1 US$ in thousands

2 Equity. See details »

3 Long-term obligations, including current portion. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 ÷ = × =
Long-term obligations, including current portion3 ÷ = × × (1 – 21.00%) =
Operating lease liability4 ÷ = × × (1 – 21.00%) =
Total:

Based on: 10-K (filing date: 2020-03-19).

1 US$ in thousands

2 Equity. See details »

3 Long-term obligations, including current portion. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 ÷ = × =
Long-term obligations, including current portion3 ÷ = × × (1 – 21.00%) =
Operating lease liability4 ÷ = × × (1 – 21.00%) =
Total:

Based on: 10-K (filing date: 2019-03-22).

1 US$ in thousands

2 Equity. See details »

3 Long-term obligations, including current portion. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 ÷ = × =
Long-term obligations, including current portion3 ÷ = × × (1 – 33.70%) =
Operating lease liability4 ÷ = × × (1 – 33.70%) =
Total:

Based on: 10-K (filing date: 2018-03-23).

1 US$ in thousands

2 Equity. See details »

3 Long-term obligations, including current portion. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 ÷ = × =
Long-term obligations, including current portion3 ÷ = × × (1 – 35.00%) =
Operating lease liability4 ÷ = × × (1 – 35.00%) =
Total:

Based on: 10-K (filing date: 2017-03-24).

1 US$ in thousands

2 Equity. See details »

3 Long-term obligations, including current portion. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 ÷ = × =
Long-term obligations, including current portion3 ÷ = × × (1 – 35.00%) =
Operating lease liability4 ÷ = × × (1 – 35.00%) =
Total:

Based on: 10-K (filing date: 2016-03-22).

1 US$ in thousands

2 Equity. See details »

3 Long-term obligations, including current portion. See details »

4 Operating lease liability. See details »

Economic Spread Ratio

Dollar General Corp., economic spread ratio calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
Selected Financial Data (US$ in thousands)
Economic profit1
Invested capital2
Performance Ratio
Economic spread ratio3
Benchmarks
Economic Spread Ratio, Competitors4
Amazon.com Inc.
Booking Holdings Inc.
Home Depot Inc.
Lowe’s Cos. Inc.
Target Corp.
TJX Cos. Inc.

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22).

1 Economic profit. See details »

2 Invested capital. See details »

3 2021 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × ÷ =

4 Click competitor name to see calculations.

Performance ratio Description The company
Economic spread ratio The ratio of economic profit to invested capital, also equal to the difference between return on invested capital (ROIC) and cost of capital. Dollar General Corp.’s economic spread ratio improved from 2019 to 2020 and from 2020 to 2021.

Economic Profit Margin

Dollar General Corp., economic profit margin calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
Selected Financial Data (US$ in thousands)
Economic profit1
Net sales
Performance Ratio
Economic profit margin2
Benchmarks
Economic Profit Margin, Competitors3
Amazon.com Inc.
Booking Holdings Inc.
Home Depot Inc.
Lowe’s Cos. Inc.
Target Corp.
TJX Cos. Inc.

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22).

1 Economic profit. See details »

2 2021 Calculation
Economic profit margin = 100 × Economic profit ÷ Net sales
= 100 × ÷ =

3 Click competitor name to see calculations.

Performance ratio Description The company
Economic profit margin The ratio of economic profit to sales. It is the company’s profit margin covering income efficiency and asset management. Economic profit margin is not biased in favor of capital-intensive business models, because any added capital is a cost to the economic profit margin. Dollar General Corp.’s economic profit margin deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.